RESERVE FUND LEGISLATION
In Manitoba, as of February 1, 2015, a reserve fund study must be prepared and updated every five years. Directors, who have a duty to act in the best interests of the condominium corporation, must consider the reserve fund balance that is recommended in the latest reserve fund study or update when deciding the total annual contribution. The board must report to the unit owners on the amount in the reserve fund and review the latest reserve fund study or update with the unit owners annually. When a condominium unit is sold, the buyer must be told what the actual balance in the reserve fund is, as well as the balance that was recommended by the reserve fund study.